“Buy Now, Pay Later” – is a type of short-term loan that has taken the American marketplace by storm. According to the Consumer Financial Protection Bureau, U.S. consumers borrowed $2 billion via “BNPL” in 2019. In 2021 that number grew by more than 1,000 percent to $24.2 billion. Companies like Affirm, Afterpay, Klarna and PayPal have created these loans for borrowers to purchase everything from high-end electronics and jewelry to everyday staples like groceries and utilities.